Global Li-Fi (Light Fidelity) Market Highlights 2022 – 2030
The global Li-Fi (light fidelity) market is estimated to garner a sizeable revenue by growing at a CAGR of ~69% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing need for high-speed data transfer, rising advent of internet of things (IoT), and increasing initiatives by government for energy management in the ICT sector. It is calculated that approximately 31 billion IoT units will be installed by the year 2025. In 2019, there were more than 600 IoT platforms existing around the world. Furthermore, Li-Fi is capable of offering several advantages over current Wi-Fi technologies such as low power consumption, faster data transmission, improved data security and minimal electromagnetic interference, which in turn is projected to boost the demand for light fidelity in the forthcoming years. In addition, growing implementation of smart city projects in emerging economies worldwide is expected to provide ample growth opportunities to the market in the near future.
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The market is segmented by component into LED, photo detector and microcontroller, out of which, the LED segment is anticipated to hold the largest share in the global Li-Fi (light fidelity) market on account of wide promotion of usage of LED by governments of various countries owing to its lower power consumption and zero harmful emissions. Additionally, on the basis of application, the indoor segment is assessed to observe notable growth over the forecast period, which can be credited to the growing accommodation in smart buildings, and increasing application of Li-Fi in location-based services, indoor lighting and wireless data communication. Along with this, growing number of collaborations among companies to offer unprecedented Li-Fi solutions in indoor spaces is also assessed to drive growth to this market segment in the future.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Li-Fi (Light Fidelity) Market Regional Synopsis
On the basis of geographical analysis, the global Li-Fi (light fidelity) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing number of government initiatives to improve the telecommunication infrastructure, increasing manufacturing base and robust growth of electronics industry. For instance, the total electronics production in China increased from 10% in 2016 to about 14% by the end of 2017. In 2020, China alone produced 33% of electronic circuit components in the world. Moreover, the North America is expected to occupy the largest market share during the forecast period owing to the rising advancements in technologies such as big data, IoT and wireless sensor networks. Apart from this, rising penetration of smart phones and presence of prominent market players is also projected to boost the growth of the market in this region.
The global Li-Fi (light fidelity) market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global Li-Fi (light fidelity) market includes the following segments:
By Component
- LED
- Photo Detector
- Microcontroller
By Application
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Indoor
- Outdoor
By End User
- Retail
- Healthcare
- Electronics
- Automotive
- Aerospace
- Defense & Security
Growth Drivers
- Increasing Requirement for High-Speed Data Transfer
- Growing Emergence of IoT Technology
Challenges
- Limited Range of Communication of Li-Fi
Top Featured Companies Dominating the Market
- LVX System
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Signify Holding BV
- pureLiFi Ltd
- Lucibel SA
- Oledcomm SAS
- fSONA Networks Corporation
- Wireless Excellence Ltd
- Fraunhofer HHI
- Panasonic Corporation
- ACUITY BRANDS LIGHTING, INC.
